Paying off for some, not others. Let's just hear about Alphabet's perspective. Well, I definitely think one of the interesting things is everybody was worried about how much money they were spending on A.I., and now they're using A.I.. And I heard their CFO speak yesterday talking about how they're going to be using A.I. to actually become more productive and reduce expenses. So I think they're already starting to become more productive using A.I. itself, using A.I., managing to build up. In terms of the cloud offering, we're also seeing not much competition eating into their search offering. Are they going to manage to keep that moat there? Well, and I think with the search offering and as Sundar was talking about yesterday, people are asking customers are asking more questions or asking more important questions, more complex questions, and AI is delivering. And so I think the opportunity is tremendous.

Mel, final question on Alphabet, but sort of looking ahead as well to Microsoft and later Amazon, the calculus is the same, right? You look at capital expenditures going forward and then decide if it's showing up in revenue growth and bottom line growth in terms of AI. Do you see that with Google? Yes, I do see that with Google and I see it with the other two as well. I think we sort of underestimate just the incredible impact of AI in terms of productivity and efficiency in these companies as well as in revenue growth. AMD is going to do about $12 billion of datacenter sales this year. NVIDIA is going to do $110 billion. What do you make of AMD? I think they've got to catch up. Extrapolate opportunities there. Okay. Let's talk about the opportunities that are there, because is it that the market just wants too much too quickly from these too soon? Because she's been pointing that 2025 is

where they're making inroads. She anticipates that they're making big moves. Analysts call out in the Middle East in particular going well. They talk about Mehta being a key well buyer of AMD, they think at least. Is that likely to be where they need to make the inroads? I think how you manage the narrative is very important. And I think that the street tends to get ahead, whether it's about interest rates, whether it's about interest rates or revenue or whatever. And I think that's a little bit of the story here. She's been signaling what actually has happened, but the market wanted more. It's a really interesting time to be a technology journalist, and I imagine an investor in the technology sector. I note that Google said the election was a tailwind for their search business and other parts. Try and tie that all together for us if you're an investor this week looking at the sector. Where is your attention focused?

I'm not focused on the election at all. I'm focused on the long-term tailwinds for the technology sector and for risk assets in general. All we get is good news. We have sunny skies out there. Look at the GDP report this morning, up 2.8%. Look at the employment report this morning. Interest rates are going to come down. Maybe not as fast as the market wanted, but they're going to come down. The housing market. Housing sales are actually up. Everything that we have in the economy, all the drivers of the economy, are pointing in green. And so I think it's not about the election. Actually, the only thing that I think can match up this sunny outlook is mistakes that politicians might make. Because when we look at the fundamentals of economic growth, they're all there. The U.S. economy is in a fantastic space. And from an investor perspective, no matter whether you're going to invest in fixed income, in real estate, in the

equity market, it's all green light. I had all these valuations with a video trading at 49 times future earnings, the right level for these green skies and at green, the outlook of being a positive one. Well, it depends on how long your timeline is. I mean, I wouldn't be without an area in my portfolio. I wouldn't be without any of these hyperscalers in my portfolio, because that's the future. And you buy them and you hold them.

Big Tech Hyperscalers' Performance This Earnings Season

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Big Tech Hyperscalers' Performance This Earnings Season

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